XRP Patience: XRPL Activity Spikes, Ripple CEO Expects Pro-Crypto Laws From 2025

XRP has strong support at $0.50. On multiple occasions, price has rebounded strongly, rejecting any attempt of lower lows. After the dip on Wednesday, prices recovered, printing a long lower wick by the day’s close. The follow-through on October 24 is welcomed but not enough. The sideways consolidation and the general apprehension among traders, seen from flat trading volume, could explain why this chop is taking longer. For proper trend definition, what’s needed is a decent close above $0.55, or a disappointing dip below $0.50. If this happens, a direction will be established that could shape the short-term trend.

Traders are confident of what lies ahead, but there is nothing to show if price action over the last three weeks is anything to go by. XRP is confined inside the $0.50 and $0.55 range, struggling for momentum. For now, engagement is decent, standing at over $1 billion in the past 24 hours.

XRP and Ripple traders are closely monitoring the following events:

• There is a spike in AMM pools on the XRP Ledger. Over a week, nearly 60% of all liquidity pools were launched. After years of being strictly a transaction layer, the platform now supports smart contracts.
• Regardless of the November 4 winner, Ripple CEO Brad Garlinghouse thinks the United States will be more pro-crypto going forward. Since 2022, the United States SEC, DoJ, and other regulators have been cracking down on rogue crypto platforms and users.

XRP Price Analysis

XRP/USD is still in a flat consolidation, looking at the formation in the daily chart.

Even though the confidence is through the roof as politics influence price action, there is nothing to show.

For more than 14 days, XRP remains inside a range, capped inside $0.50 and $0.55.

What’s needed is a close in either direction.

Presently, the drop of early October could shape price action, forcing the coin to $0.45.

However, if Q3 2024 bulls are on top, it will easily float to $0.55 and $0.66 in a buy trend continuation formation.